SpiceJet down 1 pc on Istithmar stake sale

MUMBAI: Paring early losses, low-cost carrier Spicejet on Tuesday settled 1 per cent down following media report that Dubai's investment firm Istithmar World sold its 6.9 per cent stake in the company for about Rs 116.38 crore.

Shares of the company recovered from the day's lowest point to close at Rs 54.15, down 1.28 per cent on the Bombay Stock Exchange. However, in the early trade the stock slid 2.46 per cent even as the main indices remained in the green.

Meanwhile, the broader 30-share index Sensex gained 1 per cent to close at 17,614.48 points, after three days of losses.

Media report said, Istithmar sold 22.14 million shares which it had acquired after conversion of bonds foreign convertible currency bonds to unnamed at an average price of Rs 53.52 per share. Yesterday, Istithmar informed the BSE tght it had acquired 22.14 million shares on conversion of foreign convertible currency bonds worth Rs 55.34 crore.

Last month, media magnate Kalanithi Maran had acquired over 38 per cent equity in SpiceJet for Rs 740 crore and came out with an open offer to acquire an addtional 20 per cent stake at Rs.57.76 a share.

In February, Istithmar had sold nearly 14 per cent stake in the airline for Rs 164 crore.